Modi had said that India needs to scale up domestic oil and gas production to cut imports. He said that Indian energy companies need to evolve into multinational companies.

ET Bureau|

Updated: Dec 07, 2016, 12.41 AM IST

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Hydrocarbon sector attracted 40 per cent more FDI in the sector in the past two and a half years than in the previous corresponding period, he said.

NEW DELHI: The government expects foreign direct investment in the hydrocarbon sector to pick up but the key driver will continue to be the public sector companies, which will invest Rs 3 lakh crore over the next three years, Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek said.

The sector attracted 40 per cent more FDI in the sector in the past two and a half years than in the previous corresponding period, he said.

"In the last two and a half years our FDI policy has been hugely liberalised and the result has been positive. In last two and a half years we have attracted $ 129 billion of FDI, but there is a huge need for investment given that India is the third largest consumer of energy in the world," Abhishek said at Petrotech 2016, a flagship event of the petroleum and natural gas ministry.

At the same event, Prime Minister Narendra Modi had said that India needs to scale up domestic oil and gas production to cut imports. He said that Indian energy companies need to evolve into multinational companies.